The Real: “Should kids have a debit/credit card?”

[stewie_e]

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The panel on The Real (Adrienne Houghton, Loni Love, Jeannie Mai, and Tamera Mowry-Housley) discuss if kids should get a debit or credit card and when is the appropriate age to give them one. Loni feels debit cards are more appropriate while Tamera thinks 14 is a good age for a credit card with a set limit. Adrienne adds that it’s important to

Comments

[zoaster_toaster]

I had a credit card in college and I was so shit at it I ended college in severe credit debt. Since then I've had a debit card and that's been far more helpful because I can't spend money on it if it isn't there.

[yeezus_christ]

if you're still paying off your credit cards and are in a position to make it a priority i highly recommend doing that as early as possible then using one of your credit cards for a small monthly purchase that you can pay off in full (e.g.: a netflix subscription). it will significantly improve your credit score if it was negatively affected by your credit card debt from college.

[umbrella_smile]

^This also works if you have no credit history

I had 0 credit history for so long because I was scared of credit cards. Finally, when I got a decent job, I applied for a secured discover card(they were the only one who would even look at me with no credit) and put my small recurring charges on it. Within 6 months they sent me my security deposit back and gave me an actual credit card. I went from no credit to a 740 credit score in about a year. It's been wild. I started at a $200 limit, my limit is now $3000 and I have had the card for a year and a half.

Every time my limit is raised my usage percentage gets lower and my credit score goes higher because I still only use it for small purchases.

Sorry this is long, I am just so excited I am doing financial things on my own and responsibly lmao

[yeezus_christ]

no need to apologize--good credit is something to be excited about. you earned it, you're using it responsibly, and thinking about your future. you should be excited and proud of yourself.

[umbrella_smile]

Thank you ;-;

[soul_amazinn]

All you have to do is keep it at a low limjt and use it like a debit card. It helps your credit score to have one

[readmymiind]

Same thing happened to me.